GLP to develop Adidas' largest distribution centre in Asia

JUST after it announced last Friday that it has accepted a Chinese consortium's offer for a buyout, Global Logistic Properties (GLP) said on Tuesday that it has signed an agreement with Adidas to develop its largest distribution centre in Asia.

In a Singapore Exchange filing on Tuesday, GLP said that Adidas is doubling its space at the same park in Suzhou, Eastern China to meet strong demand from growing domestic consumption.

The 83,000 sq m build-to-suit project with the sportswear manufacturer will be GLP's first LEED (Leadership in Energy and Environmental Design) Gold standard facility in China. LEED is a standard for measuring the performance of green buildings.

Victor Mok, co-president of GLP China, said: "This build-to-suit project with Adidas exemplifies how we are able to leverage our strategic local partnerships to acquire scarce land resources to meet customers' needs in prime locations. The project also reflects strong growing demand of logistics facilities to serve organised retail and domestic consumption."

GLP last traded at S$3.31 on Monday, up two Singapore cents, or 0.61 per cent.